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Article: When Consumers Shop for Luxuries, They Prefer Traditional Department Stores, Reports Unity Marketing.
- Article from:
- Business Wire
- Article date:
- November 1, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STEVENS, Pa. -- Targeting the Luxury Consumer is Big Opportunity for Department Stores Like J.C. Penney's
In retail the worst performing sector over the past ten years has been conventional and national chain department stores. While retail sales, excluding food service and automobiles, have grown 66 percent from 1993 to 2003, department stores revenues have declined .5 percent, down from $88.72 billion in 1993 to $88.23 billion in 2003, according to the Department of Commerce.
Department stores have been caught in the middle with intense competition from discounters for the value shopper and specialty retailers that attract upscale shoppers looking for ...